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Announced

Forum Energy Technologies sold its stake in Ashtead Technology to Buckthorn Partners for $48m.

Financials

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Transaction Value£39m
Consideration TypeCash
Capital Owned-
Capital Bid For40%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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United States

Minority

Equipment Rental

Private

subsea rentals

Acquisition

Friendly

Single Bidder

Private Equity

Synopsis

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Forum Energy Technologies, a global oilfield products company, sold its stake in Ashtead Technology, a subsea rentals company, to Buckthorn Partners, a specialist oilfield services investment firm, for $48m. Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented, “The significant proceeds from this transaction will be used to further reduce debt, accelerating Forum’s debt reduction strategy. Over the last three quarters, Forum’s strong free cash flow generation has allowed us to reduce our net debt by approximately $54m, and we expect this momentum to continue in the second half of 2019.

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